BU247- Midterm Exam Guide - Comprehensive Notes for the exam ( 43 pages long!)
Document Summary
Bu247 lecture #1: introduction to managerial accounting. Examples of other cvp applications: multiple product break-even, target income, budget preparation and analysis, sensitivity analyses ( what-if scenarios) The role of management accounting: consider the descriptions of management accounting provided in the chapter. Discuss why the associated responsibilities are viewed as accounting and how people handling those responsibilities interface with other functional areas in fulfilling the stated responsibilities. These questions are designed to generate discussion about the broad scope of contemporary management accounting information, cross-functional interaction in designing management accounting information systems, and the range of needed skills and knowledge in today"s business environment. Accounting conveys a notion of recording and reporting for stewardship, or accountability for use of assets or incurrence of expenses. Accurate, timely, and relevant information about the economics and performance of organizations is crucial to organizational success or good stewardship over entrusted assets.
